richard cordray - FORECLOSURE FRAUD

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Force-placed insurance probe gains steam

Force-placed insurance probe gains steam


Just like everything fraud involving the Banks, Fannie and Freddie…wait until they get their hands on the rentals!

WSJ-

New York’s top financial regulator is expanding an investigation of insurers that force homeowners policies on borrowers after turning up evidence that consumers were charged too much, according to people familiar with the situation.

Benjamin M. Lawsky, superintendent of the New York Department of Financial Services, is issuing new subpoenas and formal document requests to several insurers, demanding justification for how their rates and loss ratios were calculated, these people said.

The loss ratio is the percentage of premiums collected by an insurer that is paid out to policyholders. Based on information gathered in initial inquiries since the probe was launched in October, Mr. Lawsky…

[WALL STREET JOURNAL]

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Bad Mortgage Case Draws Consumer Financial Protection Bureau To Homeowner’s Side

Bad Mortgage Case Draws Consumer Financial Protection Bureau To Homeowner’s Side


HuffPO-

How many hoops do homeowners have to jump through to shake off a bad mortgage?

This question is at the heart of a growing area of law as judges across the country try to determine whether borrowers who took out loans at the height of the subprime bubble, under shady terms that they weren’t told about, can cancel their mortgage and walk away debt-free.

Under the federal Truth in Lending Act, homebuyers who aren’t properly informed of the terms of their mortgage have up to three years to cancel or “rescind” the loan. What’s unclear now is whether borrowers, to ensure the debt is canceled, also have to file a lawsuit within that three-year window against whoever owns the loan.

On Tuesday, the Consumer Financial Protection Bureau weighed in, filing a friend of the court brief in a

[HUFFINGTON POST]

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‘Forced’ Home Insurance Policies Face New Scrutiny

‘Forced’ Home Insurance Policies Face New Scrutiny


WSJ-

Home buyers take out homeowners’ insurance policies to protect the value of their home and personal property in the event of a burglary or a natural disaster. The insurance is typically required to get a home loan, and if borrowers fall into default, banks have the right to make sure the property still has such coverage.

However, officials at the state and federal level have been concerned that insurers have been charging too much for something known as “force-placed insurance,” which takes the place of a lapsed policy.

This week, a new U.S. consumer watchdog and mortgage giant Fannie Mae have been promising a crackdown on those homeowners insurance policies.

In a speech Tuesday, the director of the new federal Consumer Financial Protection Bureau, Richard Cordray, said his agency will issue rules “to prevent (mortgage) servicers from charging for this product unless there is a reasonable basis to believe that borrowers have failed to maintain their own insurance.”

[WALL STREET JOURNAL]

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Cummings Urges Senate to Confirm Richard Cordray As Director of Consumer Financial Protection Bureau

Cummings Urges Senate to Confirm Richard Cordray As Director of Consumer Financial Protection Bureau


Washington, DC (Dec. 6, 2011) – Today, Rep. Elijah Cummings, Ranking Member of the House Committee on Oversight and Government Reform, sent a letter to Senators Harry Reid, Mitch McConnell, Tim Johnson, and Richard Shelby expressing strong support for Richard Cordray to serve as the first Director of the Consumer Financial Protection Bureau (CFPB).  President Obama nominated Cordray on July 18, 2011, and the Senate Banking Committee subsequently approved his nomination.  Yesterday, Senate Majority Leader Harry Reid filed cloture on the nomination, and a vote could occur this week.

The full letter follows:

December 6, 2011

The Honorable Harry Reid                    The Honorable Tim Johnson
Majority Leader                                         Chairman
United States Senate                                Senate Committee on Banking,
S-221 United States Capitol                  Housing and Urban Affairs
Washington, DC 20510                         136 Hart Senate Office Building
                                                                        Washington, DC 20510

The Honorable Mitch McConnell            The Honorable Richard C. Shelby
Minority Leader                                             Ranking Member
United States Senate                                    Senate Committee on Banking,
S-230 United States Capitol                     Housing and Urban Affairs
Washington, DC 20510                              304 Russell Senate Office Building
                                                                             Washington, DC 20510

Dear Majority Leader Reid, Minority Leader McConnell, Chairman Johnson, and Ranking Member Shelby:

I am writing to express my strong support for Richard Cordray’s nomination to serve as the Director of the Consumer Financial Protection Bureau (CFPB), and I encourage the Senate to confirm his nomination as soon as possible.

As Ranking Member of the House Committee on Oversight and Government Reform, I have consistently underscored the importance of the consumer protections in the Dodd-Frank Wall Street Reform and Consumer Protection Act, and I have pressed for prompt action to ensure that our financial system is fair and transparent for American consumers.

The Oversight Committee has conducted considerable oversight of the CFPB, and this oversight has highlighted the critical need for the Bureau to assume its full role, as envisioned under the Dodd-Frank Act, to protect American consumers and taxpayers.

This year, for example, the Oversight Committee has been investigating illegal foreclosures and inflated fees charged against U.S. servicemembers by the nation’s largest banks and mortgage servicing companies.  As a result of our ongoing investigation, we have become convinced of the crucial role CFPB currently plays, and will play in the future, in protecting mortgage holders across the nation. 

In addition, the Bureau must be able to exercise its supervisory and enforcement authority over non-bank financial institutions, including debt collectors, credit reporting agencies, and payday lenders.  As you know, the Bureau cannot exercise its full authority under the Act until a director is confirmed.

We need a CFPB director who will make consumers a top priority, and Mr. Cordray has a proven track record of protecting consumers and holding financial institutions accountable for their actions.  For all of these reasons, I respectfully urge you to confirm Mr. Cordray’s nomination as the CFPB’s first director.

                        Sincerely,

                        Elijah E. Cummings
                        Ranking Member

cc:    The Honorable Darrell E. Issa, Chairman
    Committee on Oversight and Government Reform

[ipaper docId=74953033 access_key=key-24w8bajml24eocsmm2vq height=600 width=600 /]

source: http://democrats.oversight.house.gov

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[VIDEO] Dylan Ratigan Speaks To OH AG Richard Cordray On Settlement, Fraudulent Affidavits

[VIDEO] Dylan Ratigan Speaks To OH AG Richard Cordray On Settlement, Fraudulent Affidavits


Sign the petition!

StopServicerScams.com

Visit msnbc.com for breaking news, world news, and news about the economy

© 2010-19 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



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LETTER: OHIO AG CORDRAY URGES COURTS TO TAKE ACTION ON FORECLOSURE CASES

LETTER: OHIO AG CORDRAY URGES COURTS TO TAKE ACTION ON FORECLOSURE CASES


Excerpt from letter:

On September 28, October 18, and October 29, 2010, I wrote to you and the other presiding and administrative judges of the Ohio Courts of Common Pleas, noting widespread questions about the accuracy of affidavits filed in foreclosure cases by GMAC Mortgage, Bank of America, JPMorgan Chase, PNC, Wells Fargo and others. I am writing to update you on developments in this area.

In my last letter, I asked you to send my office affidavits signed by robo-signers as well as any motions you received from foreclosure counsel to submit a new affidavit or ratify a foreclosure judgment. A number of you have done so, and I thank you for helping us keep track of the situation. Our office is deciding whether and how to take action in these individual cases.

Read full letter below:

[ipaper docId=46048055 access_key=key-7x9ncx1oue2hnvh1t1t height=600 width=600 /]

© 2010-19 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



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TWO AG’s SEND LETTER TO FEDERAL RESERVE QUESTIONING TILA PROVISION THAT WILL HARM CONSUMERS

TWO AG’s SEND LETTER TO FEDERAL RESERVE QUESTIONING TILA PROVISION THAT WILL HARM CONSUMERS


EXCERPT:

TILA is designed to protect consumers who are not on an equal footing with lenders,
either in bargaining for credit terms or in knowledge of credit provisions. The proposed
amendments to Reg. Z, conditioning the voiding of the creditor’s security interest upon
the consumer’s tender, would be a large step backward from this purpose. In a time of
unprecedented numbers of foreclosures, it is unthinkable that the Federal Reserve would
weaken a critical provision of TILA and thus harm consumers.

Continue reading below…

[ipaper docId=45988471 access_key=key-3ahqccn5wxcxg9zdipv height=600 width=600 /]

© 2010-19 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



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OHIO APPEALS COURT GIVE HSBC A BEAT DOWN! “AG CORDRAY AMICUS”, “MERS ISSUE”, “AFFIDAVIT ISSUES”, “UNATTACHED ALLONGE TO NOTE”: HSBC Bank USA v. Thompson

OHIO APPEALS COURT GIVE HSBC A BEAT DOWN! “AG CORDRAY AMICUS”, “MERS ISSUE”, “AFFIDAVIT ISSUES”, “UNATTACHED ALLONGE TO NOTE”: HSBC Bank USA v. Thompson


IN THE COURT OF APPEALS OF OHIO
SECOND APPELLATE DISTRICT
MONTGOMERY COUNTY

HSBC BANK USA, N.A., as Indenture :
Trustee for the Registered Noteholders :
of Renaissance Home Equity Loan :
Trust 2007-1 :
:
v.
:
JAMIE W. THOMPSON, et al.

EXCERPTS:

{¶ 67} In contrast to Watson, no evidence was presented in the case before us to indicate that the allonges were ever attached or affixed to the promissory note. Instead, the allonges have been presented as separate, loose sheets of paper, with no explanation as to how they may have been attached. Compare In re Weisband, (Bkrtcy. D. Ariz., 2010), 427 B.R. 13, 19 (concluding that GMAC was not a “holder” and did not have ability to enforce a note, where GMAC failed to demonstrate that an allonge endorsement to GMAC was affixed to a note. The bankruptcy court noted that the endorsement in question “is on a separate sheet of paper; there was no evidence that it was stapled or otherwise attached to the rest of the Note.”)

{¶ 86} We need not decide which approach is correct, because the alleged assignment of mortgage is attached to Neil’s rejected affidavits. Since the trial court’s disregard of the affidavits was not an abuse of discretion, there is currently no evidence of a mortgage “assignment” to consider. Moreover, we would reject HSBC’s position even if we considered the alleged assignment, because HSBC failed to establish that it was the holder of the note. Therefore, no “equitable assignment” of the mortgage would have arisen. All that HSBC might have established is that the mortgage was assigned to it after the action was filed. However, as we noted, the matters pertaining to that fact were submitted with an
affidavit that the trial court rejected, within its discretion.

Continue below…

[ipaper docId=45244461 access_key=key-anpxpirlidav1x2vgqd height=600 width=600 /]

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Ohio AG Cordray Files AMICUS CURIAE in Cleveland Foreclosure Case

Ohio AG Cordray Files AMICUS CURIAE in Cleveland Foreclosure Case


Via ForeclosureBlues

Ohio AG Cordray Asks Court to Consider GMAC Fraud in Cleveland Foreclosure Case

“Judges rely upon the accuracy of affidavits to grant judgments and ensure that the integrity of the judicial system can be trusted,” said Attorney General Cordray. “False affidavits throw the entire system into question. Foreclosures should not move forward when the basis of evidence is perjured statements.”

[ipaper docId=40268744 access_key=key-1jybejdob346b9stl7ws height=600 width=600 /]

© 2010-19 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



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OHIO WOMAN SUES BANK OF AMERICA, ROBO SIGNER, FANNIE MAE, AG CORDRAY

OHIO WOMAN SUES BANK OF AMERICA, ROBO SIGNER, FANNIE MAE, AG CORDRAY


This may be the first lawsuit from an individual homeowner seeking to undo a completed foreclosure.

I am sure these are lining up as I type…

Keep your eye on Harmon Law Offices, P.C. in Newton Highlands, MA 02461 aka Mark P. Harmon who serves as a director of Law offices of David J. Stern’s “DJSP Enterprises Inc.”

Enjoy!

[ipaper docId=40005374 access_key=key-ar2tlhnlp15p7ysmrmr height=600 width=600 /]

© 2010-19 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



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VIDEO: OHIO ATTORNEY GENERAL CORDRAY SUSPECTS ‘THOUSANDS’ OF CASES OF FORECLOSURE FRAUD

VIDEO: OHIO ATTORNEY GENERAL CORDRAY SUSPECTS ‘THOUSANDS’ OF CASES OF FORECLOSURE FRAUD


Ohio’s Cordray Interview About Lawsuit Against Ally

Oct. 6 (Bloomberg) — Ohio Attorney General Richard Cordray talks about the state’s lawsuit against Ally Financial Inc. Ohio’s suit alleges that Ally’s GMAC mortgage unit violated state consumer law and committed fraud by filing false affidavits in foreclosure proceedings. He talks with Carol Massar and Matt Miller on Bloomberg Television’s “Street Smart.” (Source: Bloomberg) LINK: BLOOMBERG

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Posted in CONTROL FRAUD, foreclosure, foreclosure fraud, foreclosure mills, foreclosures, GMAC, richard cordrayComments (1)

Robo-Signer Called Out in Ohio by Attorney General Cordray

Robo-Signer Called Out in Ohio by Attorney General Cordray


The Honorable Judge
County Court of Common Pleas

Re: Foreclosure Affidavits

Dear Judge XXXXX, I write you, and the other presiding and administrative judges of the Ohio Courts of Common Pleas, to draw your attention to an issue that may be of interest to you.

As you are aware, when a plaintiff in a foreclosure case moves for default or summary judgment, it will attach an affidavit from the lender or mortgage servicer attesting to the ownership and default status of loan. During the last week, questions have arisen about the validity of the foreclosure affidavits filed by a large servicer, GMAC Mortgage. GMAC (also operating as “Ally Financial”) issued a press release on September 20, 2010 announcing that it had directed certain of its vendors to suspend evictions and REO closings because of “a potential issue that was raised in a number of existing foreclosures challenging the internal procedure we used for executing one or more judicially required forms.”

A number of media outlets, including The Washington Post and The New York Times, reported on this statement. The news articles suggest that GMAC’s actions are related to a Florida deposition and a Maine deposition given by one of its employees, Jeffrey Stephan. Mr. Stephan signed thousands of foreclosure affidavits for GMAC, but in his depositions stated that he does not have knowledge of how the information in the affidavit is determined (Deposition of Jeffrey Stephan, June 7, 2010, p 30), does not know how the accuracy of the information is verified (Id.), does not review the exhibits attached to the affidavit (Id., p 54), does not read every paragraph of the affidavit (Id. p 61), and does not have the affidavit notarized in his presence (Id., p 56).

The depositions were not taken by my office, so I do not opine on their accuracy, but I wanted to draw your attention to this issue. At least one court has found that filing affidavits that falsely claim personal knowledge is a violation of the Ohio Consumer Sales Practices Act when filed in connection with consumer transactions. Midland Funding, LLC v. Brent, 644 F. Supp. 2d 961, 977 (N.D. Ohio, 2009).

More broadly, I urge you as administrators to share this letter with your colleagues and urge them to exercise caution when approving any foreclosure orders involving GMAC. Further, I encourage you to consider whether additional administrative procedures need to be established to protect homeowners who are facing the threat of foreclosure. Issues similar to those surrounding GMAC have arisen in Ohio. For example, my office filed an amicus brief in an appellate case where a foreclosure affidavit averred that it was executed in Florida but the jurat and notarization stated that it was executed in New Jersey. The 2nd District Court of Appeals ruled that the trial court did not abuse its discretion by striking the faulty affidavit. HSBC Bank USA v. Thompson, 2010-Ohio-4158.

Please feel free to contact me or my Consumer Protection Section Chief, Susan Choe, at 614.466.1305, if we can be of any assistance regarding this letter.

Thank you.
Sincerely,
Richard Cordray
Ohio Attorney General

CC:
Sarah Lynn, Deputy Chief Counsel, Ohio Attorney General
Susan Choe, Consumer Protection Section Chief, Ohio Attorney General

[ipaper docId=38440652 access_key=key-6qk0oxuezmg7toyjlbw height=600 width=600 /]

© 2010-19 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



Posted in assignment of mortgage, chain in title, conflict of interest, CONTROL FRAUD, deed of trust, DOCX, foreclosure, foreclosure fraud, foreclosure mills, foreclosures, investigation, jeffrey stephan, jpmorgan chase, LPS, MERS, MERSCORP, mortgage, MORTGAGE ELECTRONIC REGISTRATION SYSTEMS INC., notary fraud, robo signers, STOP FORECLOSURE FRAUD, Supreme Court, TRO, Wall StreetComments (1)


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